Posted June 5, 2018
McWilliams Sworn in as FDIC Chairman
On June 5, 2018, Jelena McWilliams was officially sworn in as the 21st Chairman of the Federal Deposit Insurance Corp (FDIC) following her Senate confirmation (with a vote of 69-24) on May 24. McWilliams succeeds Martin Gruenberg, who has served on the FDIC Board since 2005.
Upon the announcement of her swearing in, McWilliams stated, "It is an honor and a privilege to join the FDIC as Chairman," and "I look forward to working closely with my fellow board members and counterparts at other regulatory agencies.” She also thanked Mr. Gruenberg “for his service, dedication, and leadership during his nearly 13 years at the FDIC."
Ms. McWilliams has worked closely with NACHA staff and GRAG. She is very aware of the ACH Network and has been quite supportive of private sector rulemaking from her days on the Senate Banking Committee.
OCC’s Otting Says Fintech Charter Guidance to be Released in July
The Office of the Comptroller of the Currency expects to release its new guidance on special purpose charters for fintech companies in July. NACHA GR staff anticipates the OCC Fintech charter guidance will follow Treasury’s report to the President on the fintech industry which is due to be released in late June.
CFPB & CFSAA Ask Court to Pause Payday Lending Rule
The Consumer Financial Protection Bureau and The Community Financial Services Association of America have asked the U.S. District Court for the Western District of Texas to pause the litigation aiming to overturn the bureau’s rules for the industry. The court filing indicated a new CFPB proposal on payday lending will be coming soon, as early as next February.
CFPB Exploring Sandbox
The Consumer Financial Protection Bureau is actively working on launching a regulatory “sandbox” for the financial services industry. A regulatory sandbox is a framework that allows the fintech industry, including banks and other companies to experiment with new data, tools or business models while in remaining in close contact with regulators.
The sandbox would relieve participants from certain regulatory requirements in a space where banks and fintech startups could test products and government authorities can offer guidance. The model described by CFPB would resemble a similar initiative in the United Kingdom.
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